Core Viewpoint - The establishment of the Dongguan Hubei Dawu Chamber of Commerce aims to create a collaborative platform for businesses and individuals from Dawu in Dongguan, enhancing resource sharing and supporting industrial upgrades for mutual economic development [1][2]. Group 1: Chamber of Commerce Establishment - The Dongguan Hubei Dawu Chamber of Commerce was founded by over 100 member units involved in various sectors including intelligent manufacturing, trendy toys, electronic technology, engineering construction, hardware production, and export trade [1]. - Liu Jinxin, chairman of Guangdong Xinpai Di Industrial Investment Co., was elected as the first president of the chamber [1]. Group 2: Economic Development Initiatives - The chamber will actively serve Dawu individuals and enterprises in Dongguan, facilitating cooperation and interaction between the two regions to support high-quality economic and social development [1]. - A招商推介会 (investment promotion conference) was held, resulting in the signing of six projects, including AI intelligent vehicle navigation and electronic connector manufacturing bases, with a total signed amount of 1.9 billion yuan [1]. - These projects are expected to optimize traditional industries and foster emerging industries, contributing to the high-quality development of Dawu [1]. Group 3: Strategic Partnerships - The Dongguan Hubei Dawu Chamber of Commerce signed a strategic cooperation credit agreement with Dawu Rural Commercial Bank during the signing ceremony [1]. - The chamber emphasizes its mission of political construction, unity, service, and reform to support the development of its members and respond to the "Chushang Return to Hometown" initiative [2].

融资渠道持续拓宽，资本工具日益多元。"十四五"时期直接融资年均复合增长率达22.40%，实现ABS发行"零突 破"和科创公司债券备案获批。私募基金规模稳步增长，截至2025年三季度，在管基金规模达2609.71亿元。"格桑 花行动"等政策举措精准发力，培育多家拟上市企业。 风险防控筑牢安全防线，市场生态持续净化。监管部门坚持"零容忍"，查办多起违法违规案件，积极稳妥化解上 市公司风险。"十四五"时期，西藏无退市公司，无重大退市风险企业，也是全国为数不多的公司债券"零违约"省份 之一。 "十五五"西藏资本市场将聚焦创新驱动、产业升级与风险防控三大核心，推进上市公司走访全覆盖，加快优势产 业企业培育。依托并购重组与研发投入，推动医药、有色金属等产业向高端化、绿色化转型，持续完善投资者回 报机制，以资本赋能西藏经济高质量发展，让雪域高原的特色产业"格桑花"竞相怒放。（全文详见A3版） 证券时报记者 唐强 "十四五"时期，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷，为"十五五"持续增长筑牢根基。面向新 征程，西藏资本市场继续以资本为纽带，连接创新与实体，续写高质量发展新篇章。 "十四五"时期，西藏上市公司实现 ...

（编辑 姚尧） 证券日报网讯 1月6日，炬华科技在互动平台回答投资者提问时表示，上市公司并购是企业快速扩张、 优化资源配置的重要战略手段，公司将在新兴产业领域中积极寻求产业投资和并购机会，实现产业升 级，增加新的利润增长点。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Jinchuan Group Copper Precious Metals Co., Ltd. aims to expand and refine its copper and precious metals industry through key projects, technological innovation, and a comprehensive industry chain layout, while also achieving a transformation towards high-end, intelligent, and green development [1]. Group 1: Project Development and Scale Growth - The company has successfully launched a modern refining plant in Yongchang County, significantly enhancing production efficiency and reducing labor intensity through automation and advanced monitoring systems [3]. - The project is recognized as a major construction initiative in Gansu Province during the "14th Five-Year Plan," achieving rapid construction speed and operational standards [3]. - In 2023, the company restructured to form Jinchuan Group Copper Precious Metals Co., Ltd., optimizing governance and operational mechanisms, and is set to officially unveil in June 2025 [3][4]. Group 2: Technological Innovation and Product Development - Jinchuan Copper Precious Metals has invested over 1 billion yuan in R&D, with an annual growth rate exceeding 18%, focusing on overcoming critical industry technologies [6]. - The company has achieved domestic production of ultra-thin lithium battery copper foil, with a thickness of only 4.5 microns, breaking foreign monopolies in this key material [8]. - The successful domestic production of stainless steel permanent cathode plates has significantly reduced costs and improved economic benefits for the company [9]. Group 3: Industry Chain Extension and Market Expansion - The company has developed a complete industry chain covering copper, precious metals, and deep processing, enhancing its foundation for high-quality development [4]. - Jinchuan Copper Precious Metals has transitioned from selling raw materials to creating brands and providing services, establishing a comprehensive product system in the copper industry [14]. - The company has expanded its product applications in high-end manufacturing sectors such as new energy and aerospace, establishing deep partnerships with leading enterprises [14]. Group 4: Talent Development and Productivity Improvement - The company has improved labor productivity in its gold and silver industries by 42% and 17%, respectively, fostering a new generation of skilled workers through practical training and mentorship [16]. - A unique "4+2" training system has been implemented to accelerate talent development, combining theoretical learning with project experience [16]. - The company has successfully completed its shareholding reform and is entering a new phase of market-oriented, professional, and international development [16].

Core Insights - The "Bet on China" top ten core asset portfolio launched by the company has shown strong performance, with a 3.6% increase on January 5, 2026, outperforming the Shanghai Composite Index and Hang Seng Index [1] - The portfolio has continued to rise, with a 2.65% increase on January 6, 2026, further exceeding the performance of major indices [1] - Year-to-date, the portfolio has accumulated a 6.14% increase, significantly surpassing the Shanghai Composite Index's 2.89% and Hang Seng Index's 4.29% [1] Company Performance - Alibaba-W (HK09988) saw a total increase of 7.0% over two trading days [1] - China Ping An (SH601318) increased by 5.8% [1] - WuXi AppTec (HK02268) rose by 4.4% [1] - Tencent Holdings (HK00700) increased by 4.3% [1] - Trip.com Group-S (HK09961) rose by 4.1% [1] - Oriental Fortune (SZ300059) increased by 2.5% [1] - Zhongji Xuchuang (SZ300308) rose by 2.2% [1] - Luoyang Molybdenum (SH603993) increased by 2.2% [1] - Gold ETF (SH518880) rose by 2.1% [1] - Wanhua Chemical (SH600309) increased by 0.9% [1] Future Outlook - The strong performance of core assets is attributed to the company's deep insights into industry trends and the economic pulse of China [2] - The company aims to continue identifying quality assets in the context of China's economic transformation, providing investors with precise asset allocation references [2] - The recent performance is seen as just the beginning of the value release of the core assets [2]

Core Insights - Zhuji, a county-level city in eastern China, dominates the pearl and sock industries, controlling over 80% of the national pearl trading volume and more than 70% globally [1][3] - The city is home to the largest pearl trading market in the world, with an annual output value of over 50 billion yuan in the pearl industry, encompassing breeding, processing, sales, and derivatives [1][4] - The sock industry in Zhuji, particularly in the Datang area, is the largest global sock industry cluster, with a scale exceeding 70 billion yuan and thousands of enterprises covering the entire industry chain from design to production [3][6] Industry Overview - The geographical environment of Zhuji, particularly in the main production area of pearls in Shanxiahu Town, provides a solid foundation for the development of pearl farming [4] - Zhuji has consistently ranked among the top in the national comprehensive strength of county-level cities, indicating its economic robustness [6] - The city aims to enhance its "billion-level fashion industry" by upgrading its industrial capabilities and addressing bottlenecks, thereby increasing its competitiveness in both domestic and international markets [6]

新年伊始，"国补"上线，2026年第一批625亿元超长期特别国债已向地方下达。随着"两新"政策落地， 叠加假期、跨年消费等因素，多地门店销售火热，不少消费者果断出手"清空购物车"。 "有补贴还不买，那不就是亏了？"消费者的心声，道出了政策"四两拨千斤"的激励作用。2025年数据显 示，全年以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人次。前11个月，社会消费品零售总额同 比增长4%，以旧换新带动社零总额增长超1个百分点。一子落，满盘活，"国补"的带动效果持续显现， 为广大消费者带来了实实在在的获得感。 当然，"国补"的意义远不止于让大家"买买买"，更是产业升级的催化剂、经济发展的风向标。事实上， 自相关政策推行以来，已多次进行动态优化，很多升级都与消费趋势环环相扣。比如，随着数码消费成 为新的增长点，今年"国补"在手机、平板、智能手表等产品之外，将智能眼镜和包括适老化产品的智能 家居纳入支持范围；再如，在突出节能降碳核心导向的基础上，加大对高效产品设备的支持力度……精 准力量倒逼市场向绿色、智能方向转型，推动了消费结构从"基础需求"向"品质需求"迈进。 从过往经验来看，相关政策涉及范围广、主体多，实施 ...

Core Viewpoint - Over 60 companies in the A-share market have forecasted their 2025 performance, with more than 80% expecting positive results, driven by macroeconomic recovery and industrial upgrades [1][2]. Group 1: Company Performance Forecasts - Hunan-based company Hualing Steel expects a net profit of 2.6 billion to 3 billion yuan for 2025, representing a year-on-year growth of 27.97% to 47.66% [1]. - Zijin Mining anticipates a net profit of 51 billion to 52 billion yuan for 2025, reflecting a year-on-year increase of approximately 59% to 62%, primarily due to rising sales prices of gold, copper, and silver [1][2]. - Luxshare Precision forecasts a net profit of 16.52 billion to 17.19 billion yuan for 2025, with a growth rate of 23.59% to 28.59% [2]. - AVIC Heavy Machinery expects a net profit of 11.5 billion yuan for 2025, showing a year-on-year growth of 11.06% [2]. Group 2: Loss Forecasts - Moer Technology is projected to incur a loss of 116.8 million to 73 million yuan in 2025, while Muxi Co. anticipates a loss of 76.3 million to 52.7 million yuan [2]. - Both Moer Technology and Muxi Co. are newly listed on the Sci-Tech Innovation Board and are recognized as "domestic GPU first and second stocks," respectively, despite their current losses [2]. Group 3: Industry Trends - The performance of companies is concentrated in sectors such as materials and mining, new materials, electronic communications, and consumer services, indicating a trend towards hard technology enterprises benefiting from core technological barriers [1]. - The steel industry, represented by Hualing Steel, is undergoing a deep adjustment phase, focusing on "reduction development and stock optimization," with ongoing supply-demand contradictions [3].

Group 1 - The core viewpoint emphasizes the integration of policies and innovations to enhance trade facilitation and optimize the business environment in China, particularly through the establishment of free trade ports and the alignment of financial regulations with international standards [2][6]. - The implementation of a comprehensive system of innovation is aimed at accelerating the flow of people, logistics, and capital, transforming the vision of "repairing global aircraft in the free trade port" into reality [2]. - The development of digital finance, offshore finance, and green finance is being promoted in the Shanghai Lingang New Area, ensuring financial security through "technology + system" innovations [2][6]. Group 2 - The province's reinvestment scale in profits ranks among the top in the country, reflecting a commitment to deepening institutional reforms and establishing a high-level open economic system [3]. - The focus on industrial upgrading is characterized by a dual empowerment strategy that combines "bringing in" and "going out," enhancing the quality of supply through technological advancements [3]. - The integration of culture, tourism, and health care is being pursued to strengthen the core of industries and secure a more proactive position in the global value chain [4]. Group 3 - The establishment of a global element docking platform aims to create a more vibrant open ecosystem, facilitating a shift from "buying globally" to "selling globally" [4]. - The "soft service" industry is being developed to enhance the overall service capabilities within the economy, contributing to a more dynamic industrial landscape [5]. - The construction of a favorable ecosystem is being prioritized to expand new dimensions of openness, with a focus on efficient order fulfillment and production processes [5].

Core Viewpoint - China is committed to high-level opening up and sharing opportunities, which will inject confidence and momentum into global economic recovery and long-term development as it moves towards 2026 [2] Group 1: Institutional Innovation - The depth of institutional innovation contributes to the height of openness [3] - Policy implementation and process optimization benefit enterprises, enhancing trade facilitation and integrating innovative systems [5] - Continuous deepening of institutional reforms solidifies the foundation for high-level openness [6] Group 2: Industrial Upgrading - High-quality supply is achieved through a dual empowerment of "bringing in" and "going out" [6] - The integration of technology and manufacturing enhances the capabilities of the technology sector [6] - The cultural, tourism, and health industries are being integrated to strengthen the core of the industry [7] Group 3: Platform Construction - Building global element connection platforms enhances the vitality of the open ecosystem [7] - The "buy global" to "sell global" strategy is being implemented through platforms like the Hongqiao International Economic Forum, which has gathered over 6,000 brands from 120 countries with a projected transaction volume of 30 billion yuan in 2024 [8] - The construction of platforms is expanding new dimensions of openness [8] Group 4: Overall Strategy - The "three-wheel drive" of institutions, industries, and platforms continuously promotes the Chinese open economy towards higher quality, efficiency, fairness, and sustainability [9]